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Calculate tom first year retirement needs

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Reference no: EM131823511

Your client, Tom, age 45, is currently making $145,000. You have determined that his wage replacement ratio is 80%. You expect inflation to average around 3% for Tom's entire life expectancy. Tom expects a 9% return on his investments and plans to retire at age 64, possibly living to age 90. He expects he will receive about $12,000 per year from Social Security in retirement. Calculate Tom's first year retirement needs at age 64.

  • $194,870
  • $182,365
  • $177,433
  • $185,434

Reference no: EM131823511

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